Solana

<p>Solana seems to be holding steady with a price of $132.19 per piece, marking a modest increase of 1.3% over the last 24 hours. However, we are far from the all-time highs of over $200 observed in November 2021. The SOL crypto shows signs of weakness, but what is really happening behind the scenes? Do technical indicators paint an even darker future for Solana?</p> 
<h2 id="h-solana-s-sol-price-wavers-under-pressure">Solana’s SOL Price Wavers Under Pressure</h2> 
<p>Solana’s price, which recorded <a href="https://www.cointribune.com/en/crypto-9-days-of-decline-for-solana-heading-towards-a-rebound-or-a-new-plunge/" target="_blank" rel="noreferrer noopener">9 days of fall</a> at the beginning of September, is currently under <a href="https://www.fxstreet.com/cryptocurrencies/news/solana-price-action-price-and-on-chain-metrics-show-signs-of-weakness-202409170558" target="_blank" rel="noreferrer noopener">notable pressure</a> after being rejected by <strong>a broken ascending trendline, near $139.80</strong>. Since then, SOL has recorded <strong>a 5.3% drop in just two days</strong>, now trading at around $132. </p>
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<p>If the <strong>resistance around the 50-day moving average at $141.43</strong> continues to play spoilsport, Solana could see its price <strong>drop another 9%</strong> to reach key support around $120.91.</p>  
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:SOLUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
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<p>Technical indicators add fuel to the pessimists’ fire. The RSI (Relative Strength Index) and the Awesome Oscillator are both below their neutral levels, suggesting a strengthening of selling pressure. </p> 
<p>Coinglass also reinforces this <strong>bearish trend with a long/short ratio of 0.88</strong>, showing that more traders are betting on SOL’s decline. </p> 
<ul> 
 <li>Potential support at $120.91;</li> 
 <li>Rejection near $139.80;</li> 
 <li>Long/short ratio at 0.88.</li> 
</ul> 
<h2 id="h-crypto-decline-in-development-activity-rising-concerns">Crypto: Decline in Development Activity, Rising Concerns</h2> 
<p>Activity on the Solana network is also not reassuring. According to data from Santiment, <strong>the SOL development activity index is in free fall, dropping from 176.95 to 166</strong> in the span of two days. This constant decline since early September suggests <strong>a certain loss of confidence in Solana’s blockchain ecosystem</strong>. </p> 
<p>Less development means fewer concrete projects, and this directly weighs on investor confidence, already shaken by unencouraging technical prospects.</p> 
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<p>However, there remains a glimmer of hope: <strong>if Solana manages to close above $141.43, the bearish scenario could be invalidated</strong>. </p> 
<p>Such a performance could push SOL’s price to a new high, potentially reaching $149.30. But for now, caution remains the watchword for fans of this crypto star.</p> 
<p>Last week, Solana tested its support for the sixth time, signaling a phase of consolidation, as reported by this <a href="https://www.cointribune.com/en/crypto-solana-in-consolidation-phase-technical-analysis-of-september-11-2024/" target="_blank" rel="noreferrer noopener">Cointribune technical analysis</a>.</p>
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Crypto: Solana On The Brink Of The Abyss, Heading Towards Another Decline?

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